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The Daily Baku
INTERNATIONAL
Thursday, 4 June 2026
Business

Price of Azeri Light crude oil approaches $118 per barrel

March 19, 2026
11:06
Price of Azeri Light crude oil approaches $118 per barrel

The price of Azerbaijan's Azeri LT CIF oil in the world market increased by $9.63, or 8.9%, to $117.79 per barrel.

May futures for Brent crude were traded at $112.53 per barrel.

The price of a barrel of Azerbaijani oil of the Azeri LT CIF on Free on Board (FOB) basis at Türkiye's Ceyhan port fell by $9.65 or 9.25 %, amounting to $113.95.

The average oil price in Azerbaijan's state budget for 2026 was set at $65 per barrel.

The lowest price for Azeri Light was recorded on April 21, 2020 ($15.81), and the all-time high of $149.66 was fixed in July 2008.

Azeri Light oil is produced under the contract for the development of the Azeri‑Chirag‑Gunashli (ACG) block of fields, in which the State Oil Company of Azerbaijan (SOCAR) holds a 31.65% share.

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